June 5, 2006

$829,000 for a cupertino condo – used to be only $2550 a month in rent.

Let’s start the week off strong – with the perfect Burbed.com home:

MLSlistings Property Detail for MLS number 625899
20488 STEVENS CREEK BL #01718
Cupertino, CA 95014
20488stevens.jpg
$829,000
Homeowners’ Association Fee:$327

This Condominium has the following features:
MLS#: 625899 Approx Age: 2 Years Approx Sq Ft: 1225
Condominium More than 100 Units Mid Rise (4-8 Stories)
Mediterranean 1 Level 3rd Floor Unit
End Unit 2 Bedrooms 1 Master Bedroom Suite

Being the editor of this site, I’m not phased easily. So when I saw this 2 bedroom condo for $829,000, I thought nothing of it. Let’s ignore for a minute, the fact that this complex is next to a charming 6 (8?) lane street… the fact is that Zillow‘s estimate is dramatically different:

20488stevens-z.jpg

Whoa.

Topping all of this is the fact that this complex used to be called the Verona Apartments, and was a rental. In fact, a 2 bedroom used to rent for at most, $2550.
So let’s see… you could’ve rented this for $2550 a month, but now you would have to pay
$3108 a month if you had an interest only ARM, $4004 if you had a ARM, or $4593 if you had a 30 year fixed (all assuming 10% down.) Plus $327 a month for HOA.

Something doesn’t quite add up about this…

Click here to post a comment -- Posted by: burbed @ 5:06 am

No Responses to “$829,000 for a cupertino condo – used to be only $2550 a month in rent.”

  1. escaped_from_cupertino Says:

    I lived right down the street from that place for a number of years. The best part is they took the picture from the other side of Stevens Creek to make it look like it has trees! Those trees are from the median, its just pavement in front of it.

    Cupertino contines to defy reality.

  2. South Bay rents rising fast -- Burbed.com: Your Silicon Valley Home and Mortgage Insanity Blog Says:

    […] I guess there wasn’t a housing bubble after all! At this rate, in just a few years, those $500k condos won’t be so laughable! Heck, maybe the $829k condo that used to rent at $2550 might make sense! […]

  3. As seen in Cupertino… -- Burbed.com: Your Silicon Valley Home and Mortgage Insanity Blog Says:

    […] I think there are some condos for sale here. Just remember, the places here used to rent for $2550 a month for a 2br – and now some of them are listed at $829,000. Click to share with others (hint: digg is first):These icons link to social bookmarking sites where readers can share and discover new web pages. […]

  4. Rebecca Says:

    You guys forgot about the best school district people are willing to pay for in Cupertino. That’s the reason why even condos prices can go so high up in this area.


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